His tax plan is distorts the truth and I wish McCain would call him on it.
his 95% of people would get a tax cut is foolish because
1) about 1/3 of the country DOES NOT PAY TAXES
2) The top 25% of earners pay 86% of ALL federal taxes
3) the top 50% or earners pay 97% of all fed taxes
4)the top 1% pay 39% of ALL FED INCOME TAXES
5) If you tax the hell out of "the rich" the non-rich will suffer....why? think about it...who creates jobs? hint: it aint the poor.
The wall street journal: sums taxes up:
http://online.wsj.com/article/SB119786208643933077.html
In 1980, when the top income tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate of 35%, they pay more than double that share. With lower rates and fewer tax loopholes after the 1986 reform, there is less incentive to shelter income to avoid tax.
Obama wants to give tax refunds to non-tax payers...this is basically a national welfare check.
He distorts the warren bufftets and golden parachute CEO's with those small business people busting their ass. Increasing taxes on the 200K-1Mil rev is wrong in my view because THESE ARE THE GUYS that are CREATING JOBS. There is a BIG difference between the billionaire's, those small businessmen. In my view the government should CREATE INCENTIVES so the so called "rich" make Investments IN NEW TECHNOLOGIES and create JOBS. This is how the country will grow its economy NOT by taxing the piss out of those very people that YOU NEED TO CREATE GROWTH...and giving it to those that don't.
I don't like robin hood plans as I think that the same people that answered that Howard Stern survey will basically will be "bought" by the $1000 tax rebate obama bribe... they will get even though they don't work. I would rather see the "rich guy" invest that $1000 in a company that hires this dude (who will then pay taxes and contribute instead if being a drain).
However, in my view democrats (and I have many friends who are devout liberals) are "pro jobs" but "anti business" , they don't see the connection. They hate "big oil" but the the taxes big oil pays is mind boggling, far far more than the profits that get headline news.